Mylan Laboratories Inc. Reports Operating Results (10-K)
Mylan Inc. has a market cap of $9.94 billion; its shares were traded at around $22.85 with a P/E ratio of 15.3 and P/S ratio of 1.9. Mylan Inc. had an annual average earning growth of 25% over the past 10 years. GuruFocus rated Mylan Inc. the business predictability rank of 2.5-star.Hedge Fund Gurus that owns MYL: John Paulson of Paulson & Co., Stanley Druckenmiller of Duquesne Capital Management, LLC, Steven Cohen of SAC Capital Advisors, Louis Moore Bacon of Moore Capital Management, LP, Paul Tudor Jones of The Tudor Group. Mutual Fund and Other Gurus that owns MYL: Pioneer Investments, Jeremy Grantham of GMO LLC, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations: The European generic retail prescription market varies significantly by country in terms of the extent of generic penetration, the key decision maker in terms of drug choice, and other important aspects. Some countries, including the Netherlands, Germany, the U.K. and Poland, are characterized by relatively high generic penetration, ranging between 49% and 60% of total retain prescription market sales in the twelve months ended November 2010, based on volume. Conversely, other major European markets, including France, Italy and Spain, are characterized by much lower generic penetration, ranging between 14% and 32% of total retail prescription sales in the twelve months ended November 2010, based on volume. However, recent actions have been taken by governments, in particular, in these latter countries to reduce healthcare costs with measures including encouraging further use of generic pharmaceutical products. In each of these underpenetrated markets, in addition to growth from new product launches, we expect our future growth to be driven by increased generic utilization.
Mylan Seiyaku, our Japanese subsidiary, offers a broad portfolio of more than 400 products, in an aggregate of more than 900 dosage strengths. We also have a manufacturing and packaging facility located in Japan, which is key to serving the Japanese market. Japan is the second largest pharmaceutical market in the world behind the U.S., and the sixth largest generic retail prescription market worldwide, with sales of approximately $4.4 billion during the twelve months ended December 2010. Currently, the market is largely comprised of hospitals and clinics, but is expected to move into pharmacies as generic substitution becomes more prevalent. Recent pro-generics government actions include fixed hospital reimbursement for certain procedures and pharmacy substitution. The Japanese government has stated that it is trying to grow generic utilization to 30% by the end of March 2013 from approximately 23% currently.
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